Greencoat Renewables buys Co Kerry windfarm

Infrastructure company Greencoat Renewables has acquired the 37MW Tullahennel Wind Farm in Co Kerry.

The acquisition, from funds managed by affiliates of Apollo Global Management, raises its total installed capacity to 837MW.

The windfarm consists of 13 GE 2.85MW turbines that have been operational since September 2018, with revenues contracted under the REFIT 2 scheme and providing a long-term guaranteed minimum floor price for the electricity generated until December 2032.

The acquisition is being funded by the company’s existing credit facility, and total borrowings following the transaction will represent 43 per cent of Gross Asset Value.

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"We are pleased to continue consolidating the Irish renewable energy market with the acquisition of another high-quality asset with long-term contracted revenues," said Paul O'Donnell, Greencoat's investment manager. "We are encouraged by the range of attractive opportunities that exist, both in Ireland and the wider European market and are focused on building the premier European renewable energy portfolio which offers strong secure long-term income for shareholders."

ONce the acquisition has been completed, GE will continue to manage the operations and maintenance contract.